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33 billionaires and counting, Bengaluru to witness fastest growth of super rich

33 billionaires and counting, Bengaluru to witness fastest growth of super rich

Monday, March 11, 2019 IST

Bengaluru has 33 billionaires in 2018, an increase from 30 in 2017 and 26 in 2013, according to the report by a London-based consultancy.

As India's tech hub, Bengaluru has more billionaires and ultra-high net worth individuals (UHNWIs) than 5 years ago, said global property consultancy Knight Frank in its Wealth Report 2019 on Thursday.

"Bengaluru has 33 billionaires in 2018 as against 30 in 2017 and 26 in 2013, registering 10 per cent annual growth and 27 per cent over the last 5 years," said the London-based consultancy in the 13th edition of its annual wealth report.

Similarly, the number of UHNWIs grew 8 per cent to 98 in 2018 from 91 in 2017 and 72 in 2013, registering 36 per cent cumulative growth point average (CGPA).

The list of billionaires include Biocon chairperson Kiran Mazumdar Shaw, Wipro chairperson Azim Premji, Infosys' Narayana Murthy and Shibulal, Sachin Bansal and Binny Bansal, founders of Flipkart, Manipal group CEO Ranjan Pai and former Infosys CEO Nandan Nilekani among others.

Over the next 5 years, Bengaluru will have 40 billionaires and 137 UHNWIs, projecting 22 per cent increase among the former and 40 per cent CGPA among the latter.

"Bengaluru to witness fastest growth of the rich globally by 2023 when it will have 40 billionaires and 137 UHNWIs, projecting 22 per cent CGPA among the former and 40 per cent among the latter since 2018," said the report.

Though as a whole, India will also see 39 per cent growth of UHNWIs by 2023, Mumbai and Delhi are likely to see 38 per cent CGPA growth over the next 5 years.

"Bengaluru is the first amongst the top 5 'cities of the future' along with Hangzhou in China, Stockholm in Sweden, Cambridge in Britain and Boston in the US," said the report.

The report also identifies the world's top cities that support wealth creation, including innovation indicators, wealth forecasts and economic growth that improve a city's growth prospects, such as infrastructure.

"Bengaluru is the first amongst five eye-catching 'cities of the future' based on their economic potential. This growth, backed by its intrinsic potential arising from strong economic fundamentals, will attract investments both from domestic as well as institutional sources," said Knight Frank Chairman Shishir Baijal in a statement.

Termed 'Future Cities' of the world, these cities demonstrate characteristics that will propel wealth creation as well as future property investment.

"Bengaluru is home to global firms such as Infosys, Wipro and Flipkart and over 400 multinationals, including Microsoft, Hitachi and Samsung," said the report.

Bengaluru has made a commitment to create a knowledge economy by investing in education centres, including the Indian Institute of Management (IIM-B), the Indian Institute of Science (IISc) and the National Aerospace Laboratories (NAL).

"The garden city's broad ecosystem of innovation offers multiple opportunities for growth, reflected in the rise of new age technology firms across sectors, including artificial intelligence, food technology, financial technology and robotics," said the report.

According to Knight Frank Research Head Nicholas Holt, despite a softening momentum in the region's economies, growth prospects in Asia remain favourable in the medium term.

"While China's economy is expected to slow, emerging markets such as India and the Philippines will deliver some of the strongest growth over the coming years," said Holt.